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Thursday, April 16, 2009

Who will pay for those pensions?

What will Britain look like in 2026?

The Office of National Statistics reckons that it will look a lot older. It projects that there will be around 14 million people aged 65 or older. In the absence of a geriatrically targeted plague at least one person in 5 will older than today's retirement age.

How will those future pensioners survive? Can they be confident that taxpayers in 2026 will be ready to fork out and pay for generous pensions provisions? Alternatively, can they rely upon their private savings, which will hopefully survive the ravages of inflation and taxation.

Perhaps the most reliable pension is a large family. It works in the developing world, so why not here in the UK. Have lots of children, instill in them a strong sense of responsibility for their parents, and in later life just sit back, relax and wait for a large inter generational transfer of income.

Let someone else worry about overpopulation.

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